Finance minister criticises central bank interest rates policy
PR dla Zagranicy
Peter Gentle
10.12.2012 15:13
Finance Minister Jacek Rotowski has criticised Poland's Monetary Policy Council (MPC) for keeping interest rates too high, for too long.
Minister Rostowski in parliament for budget debate, Monday: photo - PAP/Jakub Kaminsk
“Disappointing GDP data for the third quarter is, in part, the result of errors in monetary policy," Minister Rostowski told reporters, Monday.
Following the MPC cutting interest rates for the second month running last week, Rostowski added that growth in 2013 will be improved “thanks to the start of the cycle of interest rate cuts, which began later than it should”.
Poland's GDP growth fell to 1.4 percent in the third quarter, 0.4 percent below that expected by most economists.
Rostowski, a member of the governing Civic Platform-led centre-right coalition, said that the 2013 budget, currently being debated in parliament, “is a realistic budget in uncertain times in Europe”, and forecast government debt would be “less than 3.5 percent” by the end of next year. (pg)
source: PAP